Your pension is your life savings you've built up to give you the retirement you want. Since new pension rules came into effect from 6 April this year, pensions have become more flexible ? including a cut in tax when a pension is passed on.

Plan who inherits your pension
With more money able to be passed on, it's never been more important to plan whom you'd like to inherit it. What's not always well known, however, is that your Will doesn't usually control who inherits your pension. That final, crucial decision is down to your pension provider, who makes reference to who is named on your Beneficiary Nomination form. If you don't have this in place, your pension savings may not go to the person, or people, you wanted them to.

Life changes and your wishes
All you need to do is request a Beneficiary Nomination form from your pension company. It's vital, too, to keep your Beneficiary Nominations up to date, as life changes and your wishes may not be reflected in the form you completed ten years ago. It's particularly important following major life events such as the birth of children or divorce.

INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE.
A PENSION IS A LONG-TERM INVESTMENT. THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.